Image provided by: University of Nebraska-Lincoln Libraries, Lincoln, NE
About The Loup City northwestern. (Loup City, Neb.) 189?-1917 | View Entire Issue (Jan. 16, 1908)
Loup City Northwestern volume xxv •LOUP CITY, NEBRASKA, THURSDAY , JANUARY 16, 190S NUMBER 10 * CLEARS UP RAPIDLY RELEASE OF CREDITS HELPS FINANCIAL SITUATION. GASH FOR THE LOW MARKET Bank Statement Brings Out Funds [ Which Have Been Withheld But Which Art Now Available. _ New York—The rapid clearing up j of the banking situation and the re- | lease of the large supplies of credits I to the money markets were the im portant features of last week’s events in the financial world. The New York bank statement of the previous week | gave the first decisive outline of the turn itr the situation. The statement on Saturday showing a $0,000,000 sur plus has brilliantly confirmed the week’s impressions. The effect has spread throughout the money markets of the world and has sent supplies hack into the loan market with some thing like a rush. It was obvious that funds had been withheld through a lin gering spirit of distrust of the banks' , position or as a precaution against possible extra demands, were return ing freely to central reserve points. The basis of credits is greatly expand ed by this process. The surrender of the privilege of deposit of part of j their cash in the reserve and central i reserve cities and its recall home in \ the panic was the central factor in j producing the crisis, and the retention j of this cash was the cause for the pro longation of the crisis and the main- \ tenance of the Premium on currency. The anxiety caused by that pro longation up to the end of the year may be said to be now completely i dissipated, so far as accommodation : to solvent business is concerned. New York has ceased to draw gold from j London and rapid recuperation of the ! Bank of England bullion holding has j followed. The Bank of France marked ; down its official discount rate from , ^ 4 to 3% per cent and market rates of discount receded in ail the foreign markets. In New York the most im portant effect of the new develop- I inents was the springing up of an ac- ! tive demand for commercial paper. I which effectively relieved the dead- I lock in that department and quieted the fears of widespread embarrass ments in the mercantile world from in ability to secure extension of large maturing obligations. In the securities market-»the effect ' of this increase of facilities for con- i ducting speculative operations has j been pronounced. The resulting out * break of speculation showed increas ing animation and was stimulated by various professional devices and by the dissemination of rumors of impor tant developments. The need of a lat'g uncovered short interest was an important contributing factor to the rapid advance which developed and furnished the material for much of the demand forced by the bidding up of pripes by the organized bull party in the market. . . * FfilRAKER FACTION AT WORK. Try^ig to Control Party Machinery at Cleveland. Cleveland. O.—A call was issued by the Forgker-Dick faction of the repub lican party in this, Cuyahoga, county for Saturday afternoon, in which it is stated an executive or controlling com mittee for the party will be chosen. Earlier in the day the leaders of the Taft faction filed a request with the board of elections asking that a pri mary be held to elect sixty-three dele gates to the state convention. The Foraker Dick faction leaders allege that the present county executive com 'inittee, which is composed of Taft ad herents. is without power to act be cause it was chosen for one year and had served two years without re election. WANTS AN ENLARGED NAVY. Richmond P. Hobcon Will Wage Cam paign in House. Washington—Preliminary to the ■campaign for an enlarged navy, which h“ proposes to wage in the house. Rep resentative Richmond P. Hobson ot tered a resolution providing for the appointment by the president of “a commission whose duty it shall be to investigate gnd report to congress on the best means of preserving the gen eral welfare by the use and extension of arbitration and by the maintenance of armed forces.” MORGAN MAKES A PURCHASE. Coys $30,000,000 New York Central Trust Certificates. Kew York—The New York Central, it was learned, has sold to J. Pierpont Morgan & Co. an issue of $30,000,000 5 per cent equipment trust certificates -which are guaranteed by the New York Central & Hudson River Rail road company and La allied lines. MC.\EV FCR PUELiC BULDINGS. Eighty Millions Will Bo Needed for the Work. Washington—"The Sixtieth congress has been in actual session only a few days, and more than 600 bills already have been introduced for the expendi ture of altout $80,00WOO in proposed public buildings. If 20 per cent of that total is appropriated during the present session the people of the country may consider themselves lucity.” The foregoing slatement was made by Chairman Bartholdt of the house committee on public buildings and grounds. "Government revenues.” he said, "are falling short at-the rate of about $1,000,000 a month, due to the curtail ment of the luxury purchases by the popple in this time of financial dis turbance and commercial depression. "The 600 odd bills that have be°n introduced thus far call for the ap propriation of about $40,000,000 for the purpose in fTie District of Colum bia. where there exist such crying needs, for instance, as a safe building for the archives of the government— priceless, unplaceable in case of loss, and now scattered about all over the city in such peril as would cause the nation vast embarrassment if they, should be destroyed." Chairman Bartholdt organized his committee by the appointment of va rious sub-committees. Ail bills for the purchase of grounds or the erection of public buildings in the District of Columbia. Alaska. Ari zona, New Mexico, Hawaii, Porto Rico, the Philippines and Wisconsin will be passed upon by a sub-commit tee, headed by Chairman Bartholdt (Missouri). e RECEIVERS TAKE CHARGE. No Change in the Management Is to Be Made Just Now. St. Paul. Minn.—The Great Western on Thursday formally passed into the hands of the receivers. For the pres ent at least there will be no change in the personnel of the officers and C. H. Smith has already appointed as his representatives in the operation of the road the present heads of depart ments. Kentucky to Honor Lincoln. Louisville. Ky.—Governor Wilson will shortly send a special message to the legislature commending the passage of a bill providing for an ade quate appropriation and the appoint ment of a state commission to direct the Lincoln centennial. The 100th eti niversary of Lincoln's birth falls on February 12. 1909. and preliminary plans made by the Lincoln Farm as sociation for the celebration of the event at Lincoln's birthplace in Larue county. Kentucky are now well under way. President Rcosevelt will deliver an oration. Fortification Bids Rejected. Honolulu—The award of bids for material for the fortification of Pearl harbor has been held up for the rea son that it is believed the lowest bid der is a dummy for some Japanese contractors. It is probable that all bifls will be rejected and that the War department will conduct the work. Dr. Hanna to Be Appointed. Rome—Cardinal Martinelli, cham berlain of the sacred college, has been entrusted with the task of presenting before the congregation of the propa ganda. which will meet next week, the matter of the appointment of a coad jutors archbishop of San Francisco. Cardinal Martinelli declares that he is ready to support the nomination of Rev. Edward J. Hanna of Rochester. One Term at a Time. Washington—Senator Gore of Okla homa introduced a joint resolution providing that no person shall be eli gible to be elected president of the United States for more than two terms in succession. Affects American Stock. London—The Chicago Great West •ern receivership and rumors of dis tress to other railroads effectually kept down fresh business in American stock transactions and induced pro fessional realizing, which kept values under parity in the forenoon. Lemieux Pleased at Result. Ottawa, Ontario — Hon. Rodolph Lemieux said to the Associated Press that he was perfectly satisfied that his mission to Japan on behalf of the Canadian government has been an en tire success. CATTLE MEN COME UNDER BAN Grand Jury Indicts Prominent Men on Fencing Charge. Denver. Colo.—Among the indict ments returned by the federal jury is one against Ora Haley, a cattleman who is charged with illegally fencing 10,000 acres of range tand near the Colorado-Wyomiug boundary. William H. Hawks and J. I. Rawl were also indicted on similar charges. A DISCOURAGING WAIT FOP. UNCLE SAM. EXTORTIONJS NOT A CRIME SO DECLARES THE COURT IN THE MAYOR SCHMITZ CASE. Held That Schmitz end Ruef Commit ted No Crime in Taking Money From French Restaurants. San Francisco—The district court of appeals handed down a decision setting aside the judgment in the case of former Mayor Eugene E. Schmitz, convicted of extortion in the French restaurant cases. Abe Ruef also ben efits by the ruling of the upper court, for, according to its decision, he pleaded guilty to an act that was an ! offense against the laws of the state. According to the appellate judges, the compelling of French restaurants to pay big “fees” to Abe Ruef was not a cirme, even though Ruef divided the “fees” with the mayor. After discussing the point the court reversed the judgment against Schmitz on the grounds that no acts constitute . ing a crime had been proved against him. Abe Ruef. who pleaded guilty' to extorting money from the French restaurants, is therefore equally guiltless. The decision wipes out the French restaurant cases and pending charges of extortion against Schmitz and Ruef must be dismissed. Both are now en ; titled to. release on bail. If they ob ; tain the necessary bondsmen they can remain at liberty until such time as a jury finds them guilty on one of the indictments charging them with I receiving bribes from corporations. Owing to the number of cases against ' them the bail, figured at 810,000 a case, would reach an enormous figure. The decision was written by Justice | Cooper. The opinion comments on i Judge Dunne's ruling and says he erred , in admitting hearsay evidence. In treating of The second conten tion of Schmitz’s attorneys that there was no threat to do unlawful injury 1 the court declares ihat: "We are clearly of the opinion that the indictment is insufficient because it does not allege or showr that the specific .injury threatened was an un lawful injury.” It is not an unlawful r act. reasons the court, to threaten to ■ hold up the licenses of the restaurant keepers or actually to do so. "Any one.” reads the decision, “has the right to go before the board of police commissioners, if that body will | hear them, and object to the granting 1 of licenses to sell liquors to a person who is keeping a place in violation of the law. He has the right to threaten to do so. He would not be morally i justified in obtaining money to induce j him not to carry out his threat, but if he did receive money under such circumstances, he w-ouid not come J within the provisions of the statute. It is necessary to crimes to allege that ; the act was unlawful.” Strong Plea for Canteen. Bath, N. Y.—Resolutions asking ; congress to restore the canteen have I been passed by the trustees of the ; Soldiers' Home. Major McConnell says the re-establishment of. the can teen is an absolute necessity. NEBRASKA IN LYNCH ZONE. State Gets Into Class of Those That Hang Without Trial. Omaha—For the first time in a number of years Iowa and Nebraska appear in the list of states which have reported lynching during the year of 1907, the lirt having just been re ceived in Omaha. The Nebraska lynching was early in September when Loris LeRoy Higgins was hanged at Bancroft. The lynch ing in Iowa was at Charles City, when an insane farmer was hanged for killing his family. The new state of Oklahoma, a ter ritory during 1907, enters the list of states reporting lynchings. Alabama jumped from five ia 1906 to thirteen in 1907. FRAMING A CURRENCY RILL FINANCIAL MEASURE PROPOSED BY MR. FOWLER. Banks to Pay Two Per Cent Annual Tax on All Notes and a Guar anty Fund Provided. Washington—The subcommittee of the house committee on banking and currency, to which was entrusted the framing of a bill to increase the elas ticity of the currency, reached a con clusion and will report favorably a bill drawn in the main by Chairman Fowler of the committee. The bill provides for the complete retirement of all present outstanding national bank bond-secured currency and authorizes in lieu thereof a cur rency based upon general assets of the banks, to be worked out in this way. The comptroller of the currency will designate throughout the coun try certain currency redemption cit iesr so that there shall be a redemp tion city within at least 24 hours reach of each national bank. The na tional banks will indicate to the comptroller of the currency to what redemption city they wish to be joined. The comptroller will then se lect a time and place within each re demption district for the organization of that district in the following man ner: Each national bank in that district, regardless of its capital stock, will be entitled to one vote. Representatives of the banks will meet at a time and place designated and elect a board of managers, to consist of seven mem bers. *rhe seven will elect a chair man. who will become a deputy comp troller of the currency bill and as sume control of his redemption dis trict. except that he shall not have charge of the enforcement of the criminal statutes. Each national bank is authorized to present to the secretary of the treasury national bank notes and law ful monies in Ijeu of other national bank bond-secured outstanding notes. Then if the bank’s application there for is endorsed by the board of man agers of the redemption district to which it belongs, the bank will re ceive guaranteed credit notes to the amount of its capital stock. These notes will be subject to a tax of 2 per cent per annum. Each bank will be required to deposit as a guaranty fund with the treasurer of the United States 5 per cent of its average de posits for the preceding twelve months and 5 per cent of the credit notes which it takes out. The rev enue thus obtained is created to sup port a national guaranty fund of $a00, 000,000 for the guaranty of both the deposits and the outstanding bank : notes of every national bank. ROCKEFELLER PAYS DAMAGE. Gives Woman Twenty-Five Thousand Dollars and Settles Suit. Cleveland. O.—John B. Rockefeller has agreed to settle a suit for $25,000 damages brought against him by Mrs. Martha Condee, a Chicago woman, who owns the Saunders Hotel build ing here. Mrs. Condee sued Rocke feller because the excavation for the big Rockefeller skyscraper being erected had undermined the hotel building. BAILEY DISAPROVES OF BILL. Emergency Currency Insufficient and Security Is Not Satisfactory. Washington — Senator Bailey of Texas, a member of the senate com mittee on finance, does not approve the Aldrich currency bill. “The $250, 000,000 emergency currency provided for in that bill.” said Mr. Bailey, “is wholly inadequate. The amount to be provided should be more nearly $1,000,000,000 to meet necessities that may arise.-' 3IGHCP WOP.TKINGTDN 13 DEAD. Head of Nebraska Diocese Passes Awaya in France. New York—Word has been received in this city of the death at Mentone, France, of George Worthington, bishop of Nebraska, who recently took charge of all the Episcopal churches on the continent of Europe, where he succeeded Bishop Potter, w-ho re signed. On account of heart trouble the bishop had been unable to live in the high altitude of his dioceses for a long true. His work In Nebraska has been carried on by the Right Rev. Dr. Arthur L. Williams, bis coadjutor. Second Bishop of Nebraska. The second bishop of Nebraska, Rt. Rev. George Worthington, D. D. LL. D., was born in Lennox. Mass., Octo ber 14, 1840. He graduated in Hobart college in 18G0 and at the Central Theological seminary in 1863. He was admitted to the diaconate in the Church of the Annunciation in New, York, June 28, 1863. by Bishop Hora tio Potter, w-ho advanced him to the priesthood in the Church of the Trans figuration January 29, 1864. His charges were St. Paul’s, Troy, N. Y'., as assistant; Christ church, Ballston, Spa, N. Y.. and St. John’s Detroit, Mich., he being pastor of the last named church for seventeen years, ministering to a devoted and attached congregation ,and having one of the largest communicant lists in the church. While in Detroit he was a deputy to the general convention, president of the standing committee, examining chaplain to the bishop and a leadei in church activities in both city and diocese. When he was called to St. John's the parish had 436 communicants and when lie left it had 1,409. During the vacancy of the Michigan see. 1878-9, the clergy of the diocese elected Dr. Worthington bishop, but he declined. Notwithstanding this de clination they elected him twice after ward. In 1883 the house of bishops appoint ed bin: bishop of China, which he de clined also. In 1884 Nebraska elected him bishop of this diocese and he de clined, withdrawing his name by tele gram from the convention. The con vention then elected the Rev. E. N. Potter, who also declined. In Novem ber, 1884. a second special was called and a second time Dr. Worthington was elected bishop. This time he ac cepted and Was consecrated in his parish church on St. Matthias’ day, February 24, 1885. by Bishops Coxe, Hare. Gilespie, McLaren. Perry, Sey mour, Harris and H. C. Potter. LIABILITY ACT HELD VOID. Supreme Court Rules Out Law Intend ed to Protect Trainmen. Washington—That the congressional act known as the •'Employers’ Liabil ity Law,’’ is not in accordance with the constitution of the United States, because it goes beyond the bounds permitted in the regulation of inter state commerce, was the conclusion reached by the supreme court of the United States in deciding two damage cases coming to the court from the federal courts of Kentucky and Ten j nessee. which were brought under the ! provisions of the law. -- NEW MEXICO ASKS STATEHOOD. Delegation to Visit Washington in Its Behalf at Early Date. Washington—A petition for support of the bill for the admission of New Mexico to separate statehood was re ceived in a letter from Chairman W. S. Hoi>ewell of the New Mexico state hood league to Representative Fuller of Illinois, and referred to the com mittee on the territories. Special Session for Kansas. Topeka, Kas.—Governor Hoch has announced that he would call an extra session of the legislature January is. to consider the enactment of primary electioa and rate regulation measures. FOUNDATION FOR INQUIRY. Maryland Man Wants to Know About Brownson Incident. Washington—Representative Gill of Maryland offered a resolution de signed to open the way for a congres sional airing -of the Admiral Brown son incident. The resolution, which was referred to the committee on naval affairs, reads: The secretary of the navy be, and he is hereby requested, if not incom patible with public interests, to fur nish the house of representatives for its information copies of all letters, reports, orders and so forth, in the Navy department in connection with the appointment of Surgeon Charles F. Stokes as commander of the United States hospital shop Relief and also all letters, reports, orders, and so forth filed in the Navy department in con nection with the resignation of Rear Admiral Brownson as chief of the bureau, of navigation. To Protect Harbor Defense. Washington—The senate passed a bill to protect the harbor defenses and ft rtifieaiions of the United States from malicious injury. HIS GUARANTEE BILL INTRODUCED IN THE HOUSE BY CONGRESSMAN HINHAW. PROVISIONS OF THE MEASURE There is a Ta* of One-Twentieth of One Per Cent on Deposits Until Ten Millions Are Raised. Washington—After much study of financial matters Congressman H n sliaw has completed his 'oil! for guaran teeing deposits in national banks and introduced it in the house. It provides that the banks shall pay to the treas ury an annua! tax equal to one-twen tieth of 1 per cent of the deposits, and that this tax shall be suspended when ever the money raised exceeds $10.000, 000. Whenever a national bank fails, the treasury department, is to take over its affairs, paying the depositors in full and turning all the assets of the bank into the treasury fund. The bill also limits the deposits that na tional banks shall receive to ten times the capital stock and surplus com bined. In speaking of the bill Mr. Hinshaw said: “There were in the 6,025 national banks of the country in 1900 $4,055, 000,000 deposits and in 1897 $1,770, 000,000, and for the ten years from 1897 to 1906, inclusive, the average was a little less than $3,000,000,000. A tax of one-twentieth of 1 per cent upon the deposits of 1906 would produce $2,000, 000 per annum. The losses from nae tional bank failures amount to $1,000, 000 a year. The tax of one-twentieth of 1 per cent upon a bank having de posits of $200,000 would amount to $100 in suc'i years as the tax is levied; upon a bank with $500,000 deposits $250, upon $1,000,000 de[ff>sits $500; sums which, to the ordinary banker, would be insignificent when compared to the perfect security both to deposi tors and banker. A law of this kind would, in my judgment, effectually prevent panics and the recurrence of the lack of confidence which was prob ably the cause of the late financial disturbance. “This would in no way interfere with the action which the several states would probably take likewise to insure the depositors of state banks as Oklahoma has already done. Postal savings banks would be a step in the right direction, but it seems to me that the method here proposed would be ef fective of full and absolute security. “Suggestions would be gladly re ceived upon the details of this measure. This question is now re ceiving much consideration from var ious members of congress, but it is dif ficult yet to say whether any legisla tion can be accomplished.” Endorse Bryan. Outhrie. OUla. — The democratic state central committee here unani mously endorsed W. J. Bryan's candi dacy for the presidency and decided to hold the state convention on Febru ary 22 at Muskogee. THAW'S SECOND TRIAL BEGINS. Plea of Insanity at Time of Crime Entered by His Attorneys. New York—One hundred talesmen are under orders to report on each of the three first days of the s<*?ond trial of Harry Thaw, which began Monday. Thaw was called to the bar at 11:27 o'clock. His appearance showed little or no change from last year. As soon as Thaw appeared, his chief counsel. Martin \Y. Littleton, announced that the former plea of not guilty entered by his client would be amended to read: "That the defendant was insane at the time the deed was committed.” WILLIAMSON CASE REVERSED. United States Supreme Court Decides in His Fsvor. Washington—The ease of former Congressman J. N. Williamson of Ore gon, charged with unlawfully cutting / timber on the public lands in Crook county. Oregon, in conspiracy with 100 others, was decided by the su preme court of the United States in favor of Williamson. The United States circuit court for Oregon impos ed a fine of $500 and sentenced Wil liamson to prison for ten months, but the supreme court reversed that de cision and remanded it for a new trial. French Prince Sues Count. Paris—In fulfillment of his intention, announced on Friday, Prince Helie de Sagan has filed suit on the ground of assault against Count Boni de Castel lane iu the criminal court, asking one franc damages. The action will be taken up before the court on January 21. Senator Allison Ml. Washington—Senator William B. Allison of Iowa is ill of grip at bis home in this city. NThe senator’s con dition gives no cause for alarm.